At the time the ayahs about riba and debt were revealed, people did not trust each other. There was an atmosphere not just of mistrust, but also greed and exploitation. The rich controlled wealth and money was not in free circulation. Those who needed money couldn’t easily access it. Islam promotes the creation of a free flowing economy, in which people earn money themselves and at the same time use it to help others. People enable others to stand on their own two feet, escape dependency, get on the property ladder and support themselves and their families. In an ideal Islamic society wealth is not hoarded and people help each other in an atmosphere of trust, mercy and concern for each other. The Exemplary Society We have the inspirational example of the ansar who welcomed the migrants after the hijra, who arrived penniless in Medina. The ansar opened their homes in an unparalleled spirit of brotherhood and offered them half of everything they owned. Abdurrahman bin Awf’s (one of the ten Companions who were guaranteed jannah) was offered the same generosity by one of the wealthiest men in Medina, Sa’d bin Rabi, but declined it politely, saying, ‘May Allah make your wealth auspicious for you! I do not need it. The greatest favour you can do me is to show me the way to the bazaar where you do shopping.’ He discovered that the market was dominated by Jews and soon established a parallel market for Muslims. He was successful and not only established himself as a well-known and respected tradesmen, but donated seven hundred camels with their loads for charity, for the sake of Allah Almighty. Modern Society Today our social and financial systems are not very far removed from those in which the ayahs of the Qur’an were … Continue reading Riba, Financial Crises and Debts